$BTC
The decline at this moment is neither a correction nor a retracement to the bottom. This is just a short-term fluctuation caused by investors who trade intraday on the day line to take profits (close their positions) when the day and night lines are about to turn. The key lies in the performance of the US stock market tonight. If the US stock market rebounds from oversold tonight, opens low and closes high, then we will most likely continue to push for an increase. If the US stock market continues to fall at the opening tonight, it is likely that we will see the market fluctuate like a pie in the sky.
However, retracements and bottoming must be clearly distinguished. To confirm the bottom, there needs to be another rapid decline, which is often called the golden needle bottoming. If the bottom is probed again and does not break the previous low, then this bottom can be considered for long orders. Once it is broken, wait for short positions. Before that, there are two positions for reference, one is 52500 and the other is 51500. Once it falls below 51500, perhaps the previous low is no longer the bottom. There has been no re-test of the daily level, which is the direct reason why people have not dared to call for bottom-fishing. After all, July 5 and July 8 have just passed. Friends who are bottom-fishing halfway up the mountain are in a miserable situation...
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